> For the complete documentation index, see [llms.txt](https://docs.usual.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usual.money/resources-and-ecosystem/fact-sheets/collateral-assets/ustb-superstate.md). # USTB — Superstate > **Type:** Factsheet — Collateral Asset | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary USTB is a tokenized short-duration US government securities fund managed by Superstate. Fund shares are issued as on-chain tokens on Ethereum, Solana, and Plume, or held in book-entry form. The fund is structured as a series of the Superstate Asset Trust, a bankruptcy-remote Delaware Statutory Trust, offered exclusively to Qualified Purchasers under Reg D 506(c). Custody is provided by The Bank of New York Mellon. USTB employs a Continuous NAV per share (NAV/S) model that updates every second, 24/7. Purchases and redemptions are priced at the Continuous NAV/S at the time of the transaction, enabling near-instantaneous pricing. Within the Usual Protocol ecosystem, USTB serves as part of the collateral backing for USD0a (Alpha USD0) and the Superstate vault (via Lagoon). USTB is not a direct collateral asset for USD0. *** ## Key Facts | Parameter | Detail | | ----------------------- | -------------------------------------------------------------------------------------------------------- | | **Full name** | Superstate Short Duration U.S. Government Securities Fund | | **Token / Ticker** | USTB | | **Legal structure** | Series of Superstate Asset Trust (Delaware Statutory Trust, bankruptcy-remote) | | **Fund exemption** | Private fund exempt under Section 3(c)(7); offered under Reg D 506(c) | | **Eligibility** | Qualified Purchasers only; on-chain transfers restricted to allowlisted wallets | | **Base currency** | USD | | **Chains** | Ethereum, Solana, Plume; or book-entry | | **Valuation** | Continuous NAV/S (updates every second, 24/7) | | **Market day** | Each day both NYSE and FRB Philadelphia are open, from 9:00 AM ET to 8:59 AM ET the next day | | **Custody** | The Bank of New York Mellon | | **Usual Protocol role** | Part of USD0a collateral (\~10% USTB + USDC buffer); Superstate vault (via Lagoon). Not USD0 collateral. | *** ## Investment Mandate & Portfolio * **Universe:** Short-duration US government securities, including US Treasury Bills, US agency securities, and repos secured by government/agency collateral. * **Objective:** Capital preservation with yield from short-duration government instruments. * **Accrual model:** Interest accrues into NAV (no coupons distributed). NAV/S rises continuously. *** ## Subscriptions / Redemptions (Primary) ### Purchasing USTB | Parameter | Detail | | ------------------- | ----------------------------------------------- | | **Payment methods** | USD (wire), USDC (Ethereum), USDC (Solana) | | **Pricing** | Continuous NAV/S at the time funds are received | | **Minimum** | $100,000 initial (may be waived) | ### Redeeming USTB | Parameter | Detail | | ----------- | ------------------------------------------------------------------------ | | **Method** | Send tokens to redemption address or call `offchainRedeem()` on Ethereum | | **Payout** | USD (bank), USDC (Ethereum), USDC (Solana) | | **Pricing** | Continuous NAV/S at the time shares are received | | **Minimum** | No minimum | *** ## Fees | Fee type | Amount | | ----------------------------- | ----------------------------------------------------------------------------------------- | | Management fee | Up to 15 bps (accrues daily, reflected in NAV); only charged after fund reaches $200M NAV | | Fee schedule | <$25M: 0.15%; >$25M: 0.15% on first $25M + 0.05% above $25M | | Subscription / Redemption fee | None | *** ## Addresses & Oracles **Ethereum mainnet:** ``` USTB Token Proxy................. 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e AllowlistV3 Proxy................ 0x02f1fa8b196d21c7b733eb2700b825611d8a38e5 RedemptionIdle Proxy............. 0x4c21b7577c8fe8b0b0669165ee7c8f67fa1454cf USTB Continuous Price Oracle..... 0xe4fa682f94610ccd170680cc3b045d77d9e528a8 Chainlink USTB Oracle............ 0x289B5036cd942e619E1Ee48670F98d214E745AAC ``` For Solana and Plume token addresses, refer to the official Superstate deployments page: *** ## Key Risks (Summary) * **Interest-rate risk:** Even with ultra-short duration, the value of T-Bill and agency holdings changes with rate movements. Losses are possible in rapid-tightening environments. * **Liquidity / operational risk:** Primary flows depend on banking rails, USDC processing, and on-chain operations. * **Eligibility / transfer risk:** Access limited to Qualified Purchasers. On-chain transfers restricted to allowlisted addresses. * **Counterparty risk:** Reliance on The Bank of New York Mellon for custody, NAV agent for pricing, Chainlink and the Continuous Price Oracle for on-chain valuation, and key management infrastructure. * **Continuous NAV model risk:** The second-by-second pricing model introduces dependency on the oracle infrastructure for real-time accuracy. *** ## Quick Links * USTB -- Overview: * Income, Fees & Yield: * Purchasing USTB: * Redeeming USTB: * Smart Contracts: * Security: *** ## Disclaimer This factsheet is informational and does not constitute investment advice or an offer/solicitation. USTB is available only to Qualified Purchasers who complete onboarding and meet all eligibility requirements. Always rely on the Offering Documents and the Investor Portal as the source of truth.